Market activity improved with total volume and total value up by +68per cent and +77per cent respectively as investors exchanged 717million units of shares worth N4.91billion. LASACO was the most actively traded stocks with 182million units of shares worth N59million.

Traders said investors who were initially underweight Nigerian equities spent most of last month building their positions. But now appetite has waned as most await year-end results due in March.

Some foreign investors spooked by Nigeria’s capital controls stayed on the sidelines last year before the central bank floated the naira for them.

The CEO , NSE, Mr. Oscar Onyema has said he expected corporate earnings to lift equities this year, despite currency and political risks, after stocks crossed 44,000 points three weeks ago to hit a nine-year high.

Analysts at Investment One said, “Going forward, we expect the market to trade sideways even as investors continue to take positions in this earnings season. Despite the sell-off we saw in the market recently, we believe this may present entry opportunities into our quality names for investors with a medium to longer term horizon.”